HM Revenue and Customs (HMRC) has stated that it will extend the Trust Registration Service (TRS) deadline as they have revealed that the service will not meet the original March 2021 deadline. The Trust registration deadline has been extended to some time in the Summer, according to a report by Today’s Wills and Probate.
Last July, the government set a March 2022 deadline for existing trusts to register on the TRS, or to update their records if they had already done so. The transition period had to be an extended one not just because it would take a long time for the millions of UK trusts to register, but also because HMRC had to fundamentally redesign the existing TRS to cope with the expansion.
Trust Registration and the Extended Deadline
Currently, trustees or their agents must register a trust using the Trust Registration Service (TRS) if the trust has been deliberately created by a settlor (it is an ‘express trust’) and it is currently liable to pay any of the following taxes:
- income tax
- capital gains tax
- inheritance tax
- Stamp Duty Land Tax
- Stamp Duty Reserve Tax
Some estates also have to be registered if the personal representatives need to complete a Self Assessment Trust and Estate tax return. The Trust registration deadline has now been extended so all Trusts that need to can register in time.
Trust and Inheritance Disputes
The cause of trust and inheritance disputes can vary enormously. However, at the centre of every challenge is a person who believes they are victims of unfair treatment. For instance, trust suffers from improper management. Additionally, the trustees may interpret the intentions of the trust.
People make challenges in a number of ways. For instance, they target the value of the assets within a trust, or there might exist a fundamental disagreement between beneficiaries.
We can help if you:
- Want to remove a trustee.
- Disagree with the reported value of assets a trust holds and want to query it.
- Need to make a claim against a trust for money it owes to you.
- Want support and guidance on how to best carry out your duties as a trustee.
- Find that the trust has ambiguous wording, and you want to clarify the structure.
We can also help you if you are considering challenging the terms or the management of a trust if you have yet to register it. We can advise you if you’re unsure whether you have legal grounds to do so. The team at The Inheritance Experts can help you understand your rights and options.
How we Can Help
Here at The Inheritance Experts, we work with solicitors who have years of experience dealing with all manner of Inheritance claims. Contact us today by filling in our contact form. Or call us on 01614138763 to speak to one of our friendly knowledgeable advisors.